Full question:
Is there any way to avoid probate?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Texas
Answer:
There are several ways to avoid probate. Common methods include:
- Joint tenancy: Property held in joint tenancy passes automatically to the surviving owner without going through probate.
- Revocable trusts: Assets placed in a revocable trust are not subject to probate when the trustmaker dies. This type of trust can be amended or revoked during the trustmaker's lifetime.
- Transfer on death (TOD) accounts: These accounts automatically transfer to named beneficiaries upon the account holder's death, bypassing probate.
- Beneficiary designations: Life insurance policies, retirement accounts, and annuities can have named beneficiaries, allowing assets to pass outside of probate.
For example, in Texas, if the total value of an estate (excluding homestead and exempt property) is less than $50,000, a small estate affidavit can be used to administer the estate without probate.
Using these methods can help reduce the assets that go through probate, saving time and costs associated with the process. It's important to consult with a legal professional to determine the best approach for your specific situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.